This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy, sell or hold any security.
Quick Overview: Where BMNR Stands After the December 9 Close
As of the close on Tuesday, December 9, 2025, BitMine Immersion Technologies, Inc. (NYSE American: BMNR) is trading like a hyper‑volatile leveraged proxy on Ethereum rather than a conventional tech stock.
Based on exchange and data‑provider figures:
- Closing price (Dec 9): around $39 per share (e.g. Yahoo! Finance shows a close near $39.35, up from $35.84 on December 8, a gain of roughly 9.8% on the day). [1]
- Intraday range (Dec 9): roughly $34.7–$39.7. [2]
- Volume: about 39 million shares, versus a 30‑day average near 45 million, keeping BMNR among the most actively traded U.S. stocks. [3]
- 52‑week range: about $3.20 at the low, up to around $161 at the high – a staggering range that underscores the speculative nature of the name. TechStock²+1
At the same time, BitMine has just:
- Confirmed 3.864,951 ETH on its balance sheet, plus Bitcoin and cash, for $13.2 billion in crypto + cash + “moonshots” holdings. [4]
- Filed a definitive proxy statement asking shareholders to approve a jump in authorized common stock from 500 million to 50 billion shares, along with a new, large equity incentive plan. [5]
- Entered Wednesday’s pre‑market with Ethereum breaking above $3,300 and Bitcoin near $94,000 ahead of an expected Fed rate cut on December 10, both key macro drivers for the stock. [6]
Before the opening bell on Wednesday, December 10, 2025, here’s what traders and longer‑term investors should know.
Key Takeaways Before the December 10, 2025 Open
- BMNR ripped nearly 10% higher on December 9 on heavy volume, continuing a sharp rebound from recent lows but still down dramatically from its 2025 peak. [7]
- BitMine’s Ethereum “mega‑treasury” has reached 3.86M ETH (~3.2% of supply) plus 193 BTC and $1B in cash, for $13.2B in crypto, cash and equity stakes – all disclosed in a December 8 holdings update. [8]
- The company bought 138,452 ETH last week (about $429–435M), a 156% acceleration in weekly ETH purchases, signaling aggressive dip‑buying into recent crypto volatility. [9]
- A new proxy filed on December 9 asks investors to approve a 100× increase in authorized shares to 50 billion, as well as a 15.4M‑share omnibus incentive plan and rich performance‑based pay for the executive chairman—raising major dilution and governance questions. [10]
- Wall Street coverage remains thin but skewed bullish on price targets: B. Riley cut its 12‑month target from $90 to $47 yet kept a “Buy” rating, and MarketBeat’s compiled analyst data also shows an average target around $47 with 1 Strong Buy, 1 Buy and 1 Hold. [11]
- Quant and valuation models are sharply divided: some technical/quant tools flag BMNR as a “Strong Buy” based on moving averages, while others label it a “sell candidate” with potential ~40% downside and DCF‑style models deem it “extremely overvalued” on cash‑flow metrics. [12]
- Derivatives activity is intense: options‑flow trackers highlight heavy bullish call activity, while two new single‑stock ETFs—BMNZ (2× inverse BMNR) and YBMN (BMNR option‑income ETF)—add leveraged and covered‑call flows on top of the stock. [13]
- Macro tailwinds and risks are front and center for Wednesday: Bitcoin’s latest surge back toward $94K and Ethereum’s breakout above $3,300, combined with an expected Fed rate cut on December 10, could fuel more volatility—up or down. [14]
1. How BMNR Traded on December 9, 2025
Price and volume snapshot
Different real‑time quote providers vary slightly, but they broadly agree on the shape of Tuesday’s session:
- Previous close (Dec 8):$35.84. [15]
- Dec 9 open: around $35.00. [16]
- Dec 9 close: roughly $39.3–$39.4, up close to 9.8% on the day. [17]
- Intraday high: in the high‑$39s. [18]
- Volume: ~39 million shares, compared with a 30‑day average around 45 million. [19]
MarketBeat’s intraday alert framed the move as “Trading Up 8% – Here’s Why”, noting a mid‑day price around $38.71, an intraday high of $38.47, and the prior close at $35.84. [20]
Data discrepancies (for example, conflicting P/E calculations or yields) across platforms reflect how messy reporting can be when earnings are dominated by crypto mark‑to‑market swings and when different services normalize for splits and share counts in different ways.
Context in the bigger 2025 picture
- BMNR’s 52‑week range of roughly $3.20–$161 illustrates just how violently the stock has traded in 2025. TechStock²+1
- Several November reports (from CoinDesk and others) pointed out that at one point BMNR had fallen 80%+ from its July peak and had been sitting on multi‑billion‑dollar unrealized losses on its Ethereum bet, even as token counts rose. [21]
- Yet by early December the stock had bounced 20–50% off recent lows, helped by aggressive ETH accumulation, new institutional interest and macro optimism around crypto. TechStock²+1
Tuesday’s rally is best viewed as part of that high‑beta rebound, not a quiet drift higher.
2. The Core Story: BitMine’s Ethereum Mega‑Treasury
The December 8 holdings update
A December 8 press release (carried on Nasdaq and other wires) is the fundamental anchor behind this week’s move. As of December 7, 2025, 4:00 p.m. ET, BitMine reported: [22]
- 3,864,951 ETH at $3,139 per token
- 193 BTC
- A $36 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”)
- $1.0 billion in unrestricted cash
Total: $13.2 billion in crypto + cash + moonshot equity, with ETH alone worth roughly $12+ billion at those reference prices.
The company emphasized that:
- It now controls more than 3.2% of the Ethereum token supply,
- It is the largest corporate Ethereum treasury and the #2 digital‑asset corporate treasury overall, behind Strategy (formerly MicroStrategy) and its ~650,000 BTC, and
- It aims to reach 5% of ETH supply over time – an internal campaign some coverage has dubbed the “Alchemy of 5%” initiative. [23]
Last week’s $429M ETH buying spree
Decrypt’s “Morning Minute: Saylor and Tom Lee Buy Big” on December 9 highlighted that BitMine acquired 138,452 ETH last week—around $429 million worth—while also increasing its cash pile to $1 billion. [24]
Nasdaq’s press release mirrors those figures and notes this represents a 156% jump in weekly ETH purchases versus the prior four‑week run‑rate (about 54,156 ETH per week). [25]
This matters for BMNR holders because:
- It ramps up BitMine’s exposure to Ethereum right as ETH breaks above $3,300 again, up more than 6% on December 9 alone. [26]
- It underscores BitMine’s capacity to keep selling equity and raising capital even after a sharp drawdown in its stock price, a point stressed by Decrypt and other crypto outlets. [27]
In practical terms, BMNR continues to trade as a leveraged, partially levered wrapper on ETH:
- When ETH rallies, BMNR has tended to outperform ETH on the upside.
- When ETH sells off hard, BMNR often drops harder, especially when fast‑money flows, leveraged ETFs and options all pivot at once. TechStock²+2TradingView+2
3. New December 9 Proxy: The 50 Billion‑Share Question
One of the most important “after the bell” developments on December 9 is the definitive proxy statement (Form DEF 14A) filed with the SEC and summarized by governance analytics site StockTitan. [28]
What BitMine is asking shareholders to approve
For the January 15, 2026 annual meeting at the Wynn Las Vegas, BitMine is asking holders to vote on:
- Electing eight directors
- Amending the charter to increase authorized common stock from 500,000,000 to 50,000,000,000 shares
- Approving a 2025 Omnibus Incentive Plan initially covering 15.4 million shares
- Approving a special performance‑based compensation arrangement for Chairman Thomas J. Lee
Key numbers from the filing and StockTitan’s summary: [29]
- Shares outstanding (record date December 8, 2025): 425,841,924
- Current authorized common stock: 500,000,000
- Proposed authorized common stock: 50,000,000,000
In other words, management is requesting authorization for a 100× increase in the theoretical share‑issuance capacity, even though less than 0.5 billion shares are currently outstanding.
StockTitan flags the dilution risk very explicitly:
- The massive increase in authorized shares gives the board huge flexibility to issue equity in future capital raises, acquisitions, or incentive grants.
- The new incentive plan and enhanced executive packages tilt heavily toward equity and bonuses, potentially adding further issuance pressure over time. [30]
From an investor’s perspective heading into Wednesday’s session, this creates a tension:
- On one hand, more authorized stock gives BitMine additional ammunition to buy more ETH, expand MAVAN (its Ethereum staking network) and pursue strategic projects.
- On the other, it opens the door to substantial future dilution, especially if the company continues to fund ETH purchases largely with new equity sales.
Expect this 50B‑share authorization proposal to feature prominently in analyst commentary and social‑media debates around BMNR in coming days.
4. Earnings, Dividend and the MAVAN Staking Story
FY 2025 earnings and symbolic dividend
In late November, BitMine reported fiscal‑year 2025 numbers and declared its first cash dividend. Multiple sources summarize the key points: [31]
- GAAP EPS: around $13.39
- Net income: often cited in the $330–350 million range, driven largely by crypto mark‑to‑market gains rather than conventional revenue
- Revenue: roughly $6.1 million, highlighting that the operating business is tiny relative to the balance sheet
- Dividend:$0.01 per share annual cash dividend
- Ex‑dividend date: December 5, 2025
- Record date: December 8, 2025
- Payment date: December 29, 2025
On Tuesday, MarketBeat’s data feed even showed a 3.0% yield, which appears to be a data artifact; given the share price in the high‑30s, the true yield is closer to 0.03% – purely symbolic. [32]
MAVAN: Turning ETH into yield (eventually)
Alongside earnings and treasury updates, BitMine has been marketing its “Made in America Validator Network” (MAVAN), a U.S.‑based Ethereum staking platform slated for early 2026. According to company releases: [33]
- MAVAN aims to stake a portion of BitMine’s ETH holdings to earn staking yields and support U.S.‑based infrastructure.
- Management pitches it as a second pillar: moving from just holding ETH to earning yield and offering staking‑related services.
However, press releases and analyses also acknowledge:
- Staking introduces slashing, operational and custody risk,
- U.S. regulation of staking and its accounting treatment is still evolving, and
- Large‑scale staking of a 3%+ supply position interacts with market and protocol dynamics in complex ways. [34]
For Wednesday’s open, MAVAN is more of a medium‑term narrative driver than an immediate catalyst—but any concrete 2026 guidance or partnership news could quickly move the stock.
5. What Current Forecasts and Analyst Views Are Saying (as of Dec 9)
Traditional analyst coverage
Conventional equity coverage on BMNR is still thin. MarketBeat’s December 9 recap points to: [35]
- B. Riley cutting its price target from $90 to $47, maintaining a “Buy” rating.
- Zacks Research upgrading BMNR from “Sell” to “Hold” earlier in the autumn.
- Overall compiled view:
- 1 Strong Buy
- 1 Buy
- 1 Hold
- Average 12‑month target: about $47 per share, implying low‑double‑digit to mid‑double‑digit upside versus Tuesday’s high‑$30s pricing.
Separate Nasdaq / Fintel data earlier in December indicated an even higher average target around the mid‑$50s, before recent cuts, and noted rapidly rising institutional ownership in BMNR shares. TechStock²+1
Takeaway: Where analysts do cover BMNR, they generally model upside—but from a small sample size and with fast‑changing assumptions tied to ETH forecasts.
Quant, technical and valuation models
Outside of human analysts, algorithmic and factor‑based services are much more split:
- Investing.com’s technical summary for BMNR currently flashes “Strong Buy” on moving‑average indicators, reflecting the sharp rebound off recent lows and the current price sitting above many short‑term MAs. [36]
- By contrast, a StockInvest‑style trend model (summarized in third‑party coverage) labels BMNR a “sell candidate”, arguing that: TechStock²
- The stock sits in the middle of a wide falling trend,
- Model projections show around 40% downside over the next three months under its statistical framework, and
- Volatility is so high that risk‑adjusted reward does not look compelling on its terms.
- Simply Wall St‑type DCF models (again, largely as reported and aggregated) call BMNR “extremely overvalued” relative to the cash flows of its operating business, because their frameworks do not treat the ETH stack as a simple, pass‑through asset. TechStock²+1
In other words:
If you treat BMNR as a crypto‑treasury vehicle, it may look cheap vs. its ETH holdings.
If you treat it like a traditional software/infrastructure business, it can look wildly expensive on DCF metrics.
For Wednesday’s open, that means different investor types are literally using different playbooks—one reason price action is so explosive.
6. Options Flow, New BMNR‑Linked ETFs and Sentiment
Unusual options activity
A December 9 note on GuruFocus, cross‑checked with options‑data platforms, highlights: [37]
- Elevated call volume on BMNR—tens of thousands of contracts traded in a single session, well above typical levels.
- A low put/call ratio (around 0.4), often interpreted as bullish or speculative upside positioning.
- Relatively high implied volatility, but not at the absolute extremes seen earlier in the year.
Heavy call‑buying can fuel further short‑term upside if market makers hedge by purchasing shares, but it also makes BMNR more vulnerable to sharp air‑pockets if traders flip positioning or implied volatility collapses.
New single‑stock ETFs: BMNZ and YBMN
Another important December development: two dedicated ETFs now trade directly off BMNR. [38]
- BMNZ – Defiance Daily Target 2X Short BMNR ETF
- Seeks -2× the daily return of BMNR (before fees and expenses).
- Designed for traders wanting leveraged, inverse exposure to BitMine without shorting the stock directly.
- YBMN – Defiance BMNR Option Income ETF
- Actively writes options on BMNR to generate weekly income, while keeping up to ~80% exposure to the stock’s price.
- Uses a multi‑engine options strategy (core income, volatility harvesting, capital preservation).
For BMNR itself, these products mean:
- More derivatives‑driven flows (delta‑hedging, rebalancing, arbitrage) around the stock,
- Potentially larger intraday swings, and
- A deeper ecosystem of directional and income strategies built on top of BitMine’s volatility.
This is good to remember heading into Wednesday’s open: moves in BMNZ and YBMN can feed back into BMNR via hedging, especially around macro headlines like the Fed decision.
7. Macro Backdrop: Bitcoin, Ethereum and the Fed
BMNR does not exist in a vacuum. Its Tuesday rally came as:
- Bitcoin reclaimed around $94,000 at one point on December 9, after dipping earlier in the day toward the low $90Ks. [39]
- Ethereum closed around $3,320–$3,330, up more than 6% on the day after a strong run from the low‑$3,000s area. [40]
- Crypto‑wide market cap added about $150B in 24 hours, according to macro crypto coverage. [41]
Nasdaq’s BitMine release also emphasizes macro catalysts BitMine is watching, including: [42]
- The Fusaka (Fulu‑Osaka) Ethereum upgrade increasing scalability and network attractiveness, and
- The Federal Reserve’s expected rate cut on December 10, plus a shift away from quantitative tightening.
For BMNR into Wednesday’s open, that translates into a simple reality:
If ETH and BTC extend their rally, BMNR can gap higher;
if crypto reverses or the Fed disappoints, BMNR can sell off just as violently.
8. What to Watch Before the December 10, 2025 Opening Bell
Putting everything together, here are the practical things to monitor as the U.S. market prepares to open on Wednesday.
1. Overnight ETH and BTC price action
- BMNR trades as a high‑beta ETH proxy; moves in ETH/USD around $3,300–$3,350 and BTC near $94K may set the tone for pre‑market pricing. [43]
- Watch for whether Ethereum can hold or extend above key resistance in the $3,300–$3,350 zone, which some technical analysts see as a breakout line. [44]
2. Market reaction to the 50B‑share proxy proposal
- Expect commentary from governance and value‑oriented investors on the proxy’s share‑authorization and incentive proposals. [45]
- Any sign that large holders or proxy‑advisory firms oppose the authorization could pressure the stock, while a perception that the market shrugs it off could do the opposite.
3. Pre‑market prints and ETF flows
- Early pre‑market trades in BMNR, along with BMNZ and YBMN quotes, can show whether the options/ETF complex is leaning long or short into the Fed decision and crypto moves. [46]
- High pre‑market volume relative to normal could foreshadow another extreme intraday range.
4. Follow‑up coverage on BitMine’s buying and Tom Lee’s “crypto supercycle”
- Decrypt, MEXC, TS2.Tech and others are actively framing BitMine’s latest ETH buys as part of a longer‑term “supercycle” thesis from Chairman Tom Lee, including scenarios where ETH could reach much higher price levels over time. [47]
- Any new interviews, TV appearances or research notes from Lee, Fundstrat or major holders (e.g., ARK, Founders Fund) could sway sentiment further. [48]
5. Risk management and position sizing
Given BMNR’s:
- Huge 52‑week range,
- Crypto‑linked earnings volatility,
- New share‑authorization overhang, and
- Presence of leveraged inverse ETFs and heavy options flows,
even professional commentators emphasize that BMNR is a high‑risk, speculative exposure, not a conservative core holding. [49]
Anyone considering the stock typically needs to think in terms of small position sizes, tight risk controls, and time horizons aligned with their view on Ethereum, not just on BitMine’s operating business.
9. Bottom Line
After the bell on December 9, 2025, BitMine Immersion Technologies sits at the intersection of three powerful forces:
- A massive Ethereum treasury (3.86M ETH + BTC + $1B cash) that makes BMNR a quasi‑leveraged ETH vehicle. [50]
- A go‑big capital structure strategy, including the proposed jump to 50 billion authorized shares, new incentive plans and continued ATM equity issuance to fund crypto accumulation. [51]
- A fragile but improving macro setup for crypto, with BTC near $94K, ETH breaking higher and the Fed poised to announce a December 10 rate cut. [52]
Forecasts and models are all over the map—some see upside from here based on treasury value and bullish ETH scenarios; others warn of steep downside based on trend signals, dilution risk and traditional valuation metrics.
For the open on Wednesday, December 10, 2025, the critical questions are:
- Does crypto continue to rally after the Fed, or does it fade?
- How does the market digest the 50B‑share authorization and governance package?
- Do ETF and options flows amplify the move up—or down?
References
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